I sometimes wonder how the Government expects all owners to readily be informed of all changes and requirements which are brought in.
"As a business owner, I can declare that I was not informed nor did I receive a notification from CIPC on the deadline of the mandatory Beneficial Ownership declarations, which must be submitted by 1 October 2023" - a client when asked if they have submitted the information as on 29 September 2023 at 13h55.
This is something that we need to remain vigilant on, as all documentation must be signed by shareholders and beneficial owners with certifications done for submission.
Security registers or shareholder registers are a mandatory document that must be kept by all businesses, even if there are only 1 shareholder / owner / founder, etc.
The compliance with Companies Act has gone to the waste side for far too long and it is time that all businesses are scrutinized and required to follow the legislative compliance. This would not only protect us from scammers but it will give us a recourse for unscrupulous operators that are making the market unmanageable.
